New York, United States , May 16, 2023 (GLOBE NEWSWIRE) -- The Global Hardware Encryption Market Size is to Grow from USD 293.8 Billion in 2022 to USD 1463.72 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 17.42% during the projected period. The widespread utilization of encryption technologies in several industrial applications such as IT & Telecom, automotive, BFSI, manufacturing, consumer electronics, aerospace & defense, industrial, government & public utilities, transportation, healthcare, and others are expected to boost the demand for the hardware encryption market during the forecast period.
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Hardware encryption is a type of data encryption that makes use of a specialized and separate processor. It is simpler and less expensive for businesses of all sizes because it does not require the installation of additional software. The primary advantage of using hardware encryption rather than software encryption on SSDs is that the hardware encryption function is maximized, as is the device's remaining capacity. Additionally, consumers can use hardware encryption to protect critical data during transmission and storage. Aside from technological advancements, prominent market players have launched alternative hardware-encrypted solutions to satisfy expanding storage demands, offering a potential hardware encryption market opportunity. The key factors influencing the growth of the global hardware encryption market are an increase in legal requirements for the protection of sensitive and confidential information, a decrease in the prices of hardware encryption products, an increase in the widespread adoption of electronic devices such as mobile phones and tablets, and an increase in both the complexity and number of hacking attempts and brute-force attacks.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on "Global Hardware Encryption Market Size, Share, and COVID-19 Impact Analysis, By Product Type (External Hard Disk Drives, Internal Hard Disk Drives, Solid State Drive, Inline Network Encryptor, USB Flash Drive, Others), By Application (IT & Telecom, Automotive, BFSI, Manufacturing, Consumer Electronics, Aerospace & Defense, Industrial, Government & Public Utilities, Transportation, Healthcare, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Description Here:
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The consumer electronics segment accounted the largest revenue share of more than 56.2% over the forecast period.
On the basis of Application, the global hardware encryption market is segmented into IT & Telecom, automotive, BFSI, manufacturing, consumer electronics, aerospace & defense, industrial, government & public utilities, transportation, healthcare, and others. Among these, consumer electronics are dominating the market with the largest revenue share of 56.2% over the forecast period. Hardware encryption is utilized in electronic devices such as computer desktops, cellphones, notebook computers, laptop computers, tablets, and so on.
The solid-state drive segment is dominating the market with the largest revenue share over the forecast period.
On the basis of product type, the global hardware encryption market is segmented into the external hard disk drives, internal hard disk drives, solid state drive, inline network encryptor, USB flash drive, and others. Among them, the solid-state drive category has the greatest revenue share of 38.6% over the forecast period, owing to the increasing number of hacking incidents and the ongoing increase of internet traffic fueling the market growth. It is anticipated that demand for solid-state drives for primary storage and near-line HDDs for bulk backup storage would rise.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 38.7% market share over the forecast period. The growth of the hardware encryption market is being driven by factors such as high population density, rising household disposable income, and an accelerated rise in the region's middle-class population. Furthermore, Asia Pacific is a hub for companies that produce consumer electronics such as smartphones, as well as innovative ICT technology vendors. Companies in Asia Pacific are employing hardware encryption technologies to improve data security and protection.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Hardware Encryption Market include Broadcom Inc., Samsung Electronics Co., Ltd., Kanguru Solutions, Maxim Integrated Products Inc., Toshiba Corporation, WinMagic Inc., Western Digital Technologies, Inc., Seagate Technology Holdings PLC, NetApp, Inc., Kingston Technology Corporation, Intel Corporation, Symantec Corporation, Micron Technology, Inc., IBM Corporation, KIOXIA Holdings Corporation, and among others.
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